The USAID project “Transformation of the financial sector” passed by the National Commission on securities and stock market (SCSSM) of Ukraine the software package VIZOR Software cost of $0.52 million, which will be used by enterprises to provide financial reporting in standard XBRL, and financial regulators for more effective supervision of markets, the securities Commission reported on Thursday.
“In the near future more than 5 thousand enterprises of public interest, will begin to file their financial statements through this system in XBRL format. In fact, this system will be for all these companies the “single window” for reporting”, – commented the head of the Commission Timur Limp in Facebook.
He said that this complex is already running in trial operation at the Center for the compilation of financial statements. Operational management of the Center carries out stock market, but use all the financial regulators – the national Bank. The financial services Commission, the Ministry of Finance and state statistics.
Adopted not so long ago a new version of the law “On accounting and financial reporting in Ukraine” relate to the categories of enterprises of public interest, about 5 thousand Ukrainian companies that, starting in 2020, are obliged to prepare financial statements and provide it to regulators in a uniform electronic format XBRL.
NSSMC indicates that the software developed by VIZOR Software (Ireland), specializing in the development and implementation of software (software) for financial regulators and tax authorities. AT VIZOR Software used in 31 jurisdictions worldwide, including the Bank of England and the Australian Commission prudential supervision, the Bank of Albania and the Commission of supervision of the financial market of Albania.